At the close, the benchmark 30-share index, BSE Sensex added 350.37 points or 2.22% at 16,165.09 with 29 components posting rise. Meanwhile, the broad based NSE Nifty climbed by 106.75 points or 2.25% at 4,849.55 with 47 components registering rise.
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “With the Nifty breaking out of the 4800 resistances, markets seem to be under the control of the bulls at least for the short term. Immediate upside targets for the Nifty are at 4910. Downside supports are at 4778”.
KOTAK SECURITIES (Dipen Shah): “Markets rose sharply for the day and ended with gains of 2.22%. Supportive global markets and expectations of positive economic data lifted sentiments, we believe. Banking index rose sharply on expectations of favourable action by the RBI in its Jan 24 policy meeting. We maintain that, over the medium term, policy initiatives will be the drivers of the markets. In the short term, markets will take cues from the economic data (inflation, IIP), RBI policy decision and the quarterly numbers, apart from the global developments. We continue to recommend a bottoms-up approach towards investing with a medium-to-long term perspective”. (source: myiris)
CANARA BANK SECURITIES (CanMoney): “Technically, after exhibiting modest losses in last session, Nifty witnessed a very firm session and closed after recording excellent gains. Level wise, closing above the threshold 4820 levels may extend support to the bulls in the forthcoming sessions. Broader market witnessed firm sentiments and all segments large-cap, Mid-cap and small-cap segments were closed on positive note. Owing to this firmness, bulls regained the control from bears and that’s too with good margin. On account of good performance, Nifty displayed stability and remained above its vital 9 and 14 day’s SMA placed at 4735 & 4729 but closed below 50 & 100 day’s SMA placed at 4877 and 4941. VIX, the barometer of uncertainty, corrected sharply and closed at 24+, thus it indicates lesser than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 56.31 levels and MACD closed above the signal line. Market may continue to witness some recovery in forthcoming session amidst higher volatility”.
BONANZA ONLINE: “Nifty showed good strength and closed above resistance at 4,800 levels with higher volumes and positive market breadth. Bulls are having control at the moment and further buying strength may be seen above 4,850 levels. For daily purpose, Trend deciding level is 4,850. If Nifty shows strength above 4,850 levels, then rally to 4,900/4,950/5,000 may be seen. If Nifty does not show strength above 4,850 levels then selling pressure till 4,810/4,770/4,730 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “It was a good session for the bulls after weeks of uncertainty and range bound movement. Nifty has given a positive breakout today. The short term trend has turned positive and from here on more upside cannot be ruled out. However heightened volatility can be expected since Q3FY12 result season has started. Global developments will continue to influence the market sentiments. Above 4,810, next resistance exists at 4,870-4,880 and then 4,910”.
KARVY STOCK: “The market is expected to take cues from the global markets and open on a flat to positive note tomorrow. Trade long in the Nifty at 4,820 levels with a stoploss at 4,800 for targets of 4,870 and 4,900 levels”.
GEPL CAPITAL: “We were awaiting a breakout of the narrow range of 4800 to 4600 that was established since past few sessions. Nifty ended this sideways deadlock with an upward breakout. However, in the immediate term Nifty faces severe resistance near 4865, which is the resistance offered by an important Trend line connecting the previous tow swing highs. If Nifty manages to sustain above this level then we may see further up-move till 4910 and beyond that 4910 is possible. In the most optimistic scenario the level of 5000 is possible on the upside. However if the current upward momentum fizzles out near 4865 then there are high chances that we may see a quick reversal which may take the Nifty down to 4720. The level of 4680 has now emerged as a major support for Nifty. In the event this support is breached we may see the resumption of sell off. Traders are recommended to maintain a strict stop loss of 4680 for any Nifty long position”.
INVENTURE GROWTH & SECURITIES: “As the December quarter results start coming in stock specific volatility will set in. Nifty has resistance at 4,910 which is 61.8% retracement of the fall from 5,135-4,538. On the downside supports are placed at 4,720-4,610 levels”. (source: myiris)
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market crossed the 4782 mark and has closed strongly above it indicating strength and we could see a sustained up move in the days to come. The support for the Nifty is at 4800 and resistance at 4863-4930-4946”.
INDIRATRADE SECURITIES: “Tuesday market closed a strong day of trade near the high point of the day after most sectors participated in the rally that lasted all day. The Sensex and the Nifty managed to close well above the important levels of 16000 and 4800, respectively, which had been providing stiff resistance. The broader markets too posted broad gains. For today’s trade, market likely to trade in the range between 4870 & 4910 in the upper side and 4820 & 4800 in the lower side”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 16,081/4,825 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,265–16,364/4,881–4,912 levels. However, if Nifty trades below 16,081/4,825 levels for the first half-an-hour of trade then it may correct up to 15,982–15,799/4,793–4,737 levels”.
ANGEL BROKING (Technical): “Indices opened higher in-line with global cues and finally after several attempts, managed to cross mentioned resistance level of 16070/4820. The impact of positive crossover in weekly momentum oscillator was seen as indices closed well above the ‘Downward Sloping Trend Line’ resistance (which was also 16070/4820). Thus going forward, indices are likely to head towards the next resistance levels of 16286–16421/4881–4920. A move beyond 16421/4920 level may push indices even higher to test 16600–17004/4976–5100. On the downside, 16070–15950/4820–4780 levels may provide decent support in coming trading sessions”.
JRG EQUITY RESEARCH (IndiTrade): “The NSE Nifty is expected to put forth a range bound trade in the morning session between Critical level at 4822 and the first resistance at 4858. After Tuesday’s strong rally, profit booking may hinder further positive momentum in the market above this level. On the downside, below Critical, further weakness can creep into the market which may drag the benchmark towards the first support at 4786. The Major Support for the Index may be at 4755”.
NIRMAL BANG SECURITIES: “Nifty has breached the mentioned levels of 4,800 decisively which is a bullish signal. The index is likely to test 4,880 & 4,910 levels. There is an immediate support at 4,820 levels on the downside. Traders should maintain a positive bias and adopt a buy on dips strategy”.
RAJATKBOSE.COM (Rajat Bose): “For the day, on the upside above 4850 and below 4900 Nifty levels, the most critical level would be 4891. While the 4900-mark for the Nifty is more of a psychological barrier, this level of 4891 is the technical key resistance level to watch out for. In fact, a confirmation of taking out of this level would come when the index stays above the 4900-mark. On the downside, immediately below 4850, the range between 4832 and 4812 would act as the initial support zone. Next key support would be around 4784-level for the Nifty. However, so long as the bulls are able to hold the 4768 through 4758 support area the bullish gumption would remain even after any profit taking led sell off in the market. Such a fall would, most likely, be taken as a buying opportunity by the bulls”.
FOR TECHNICALS, “READ HERE”
VIEWS FROM DIFFERENT BROKING HOUSES:
HDFC SECURITIES: “With the Nifty breaking out of the 4800 resistances, markets seem to be under the control of the bulls at least for the short term. Immediate upside targets for the Nifty are at 4910. Downside supports are at 4778”.
KOTAK SECURITIES (Dipen Shah): “Markets rose sharply for the day and ended with gains of 2.22%. Supportive global markets and expectations of positive economic data lifted sentiments, we believe. Banking index rose sharply on expectations of favourable action by the RBI in its Jan 24 policy meeting. We maintain that, over the medium term, policy initiatives will be the drivers of the markets. In the short term, markets will take cues from the economic data (inflation, IIP), RBI policy decision and the quarterly numbers, apart from the global developments. We continue to recommend a bottoms-up approach towards investing with a medium-to-long term perspective”. (source: myiris)
CANARA BANK SECURITIES (CanMoney): “Technically, after exhibiting modest losses in last session, Nifty witnessed a very firm session and closed after recording excellent gains. Level wise, closing above the threshold 4820 levels may extend support to the bulls in the forthcoming sessions. Broader market witnessed firm sentiments and all segments large-cap, Mid-cap and small-cap segments were closed on positive note. Owing to this firmness, bulls regained the control from bears and that’s too with good margin. On account of good performance, Nifty displayed stability and remained above its vital 9 and 14 day’s SMA placed at 4735 & 4729 but closed below 50 & 100 day’s SMA placed at 4877 and 4941. VIX, the barometer of uncertainty, corrected sharply and closed at 24+, thus it indicates lesser than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 56.31 levels and MACD closed above the signal line. Market may continue to witness some recovery in forthcoming session amidst higher volatility”.
BONANZA ONLINE: “Nifty showed good strength and closed above resistance at 4,800 levels with higher volumes and positive market breadth. Bulls are having control at the moment and further buying strength may be seen above 4,850 levels. For daily purpose, Trend deciding level is 4,850. If Nifty shows strength above 4,850 levels, then rally to 4,900/4,950/5,000 may be seen. If Nifty does not show strength above 4,850 levels then selling pressure till 4,810/4,770/4,730 may also be seen”.
BONANZA PORTFOLIO (Shanu Goel): “It was a good session for the bulls after weeks of uncertainty and range bound movement. Nifty has given a positive breakout today. The short term trend has turned positive and from here on more upside cannot be ruled out. However heightened volatility can be expected since Q3FY12 result season has started. Global developments will continue to influence the market sentiments. Above 4,810, next resistance exists at 4,870-4,880 and then 4,910”.
KARVY STOCK: “The market is expected to take cues from the global markets and open on a flat to positive note tomorrow. Trade long in the Nifty at 4,820 levels with a stoploss at 4,800 for targets of 4,870 and 4,900 levels”.
GEPL CAPITAL: “We were awaiting a breakout of the narrow range of 4800 to 4600 that was established since past few sessions. Nifty ended this sideways deadlock with an upward breakout. However, in the immediate term Nifty faces severe resistance near 4865, which is the resistance offered by an important Trend line connecting the previous tow swing highs. If Nifty manages to sustain above this level then we may see further up-move till 4910 and beyond that 4910 is possible. In the most optimistic scenario the level of 5000 is possible on the upside. However if the current upward momentum fizzles out near 4865 then there are high chances that we may see a quick reversal which may take the Nifty down to 4720. The level of 4680 has now emerged as a major support for Nifty. In the event this support is breached we may see the resumption of sell off. Traders are recommended to maintain a strict stop loss of 4680 for any Nifty long position”.
INVENTURE GROWTH & SECURITIES: “As the December quarter results start coming in stock specific volatility will set in. Nifty has resistance at 4,910 which is 61.8% retracement of the fall from 5,135-4,538. On the downside supports are placed at 4,720-4,610 levels”. (source: myiris)
GABA & GABA FINANCIAL ADVISORS PVT LTD (Prakash Gaba): “The market crossed the 4782 mark and has closed strongly above it indicating strength and we could see a sustained up move in the days to come. The support for the Nifty is at 4800 and resistance at 4863-4930-4946”.
INDIRATRADE SECURITIES: “Tuesday market closed a strong day of trade near the high point of the day after most sectors participated in the rally that lasted all day. The Sensex and the Nifty managed to close well above the important levels of 16000 and 4800, respectively, which had been providing stiff resistance. The broader markets too posted broad gains. For today’s trade, market likely to trade in the range between 4870 & 4910 in the upper side and 4820 & 4800 in the lower side”.
ANGEL BROKING (Daily Outlook): “The trend deciding level for the day is 16,081/4,825 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16,265–16,364/4,881–4,912 levels. However, if Nifty trades below 16,081/4,825 levels for the first half-an-hour of trade then it may correct up to 15,982–15,799/4,793–4,737 levels”.
ANGEL BROKING (Technical): “Indices opened higher in-line with global cues and finally after several attempts, managed to cross mentioned resistance level of 16070/4820. The impact of positive crossover in weekly momentum oscillator was seen as indices closed well above the ‘Downward Sloping Trend Line’ resistance (which was also 16070/4820). Thus going forward, indices are likely to head towards the next resistance levels of 16286–16421/4881–4920. A move beyond 16421/4920 level may push indices even higher to test 16600–17004/4976–5100. On the downside, 16070–15950/4820–4780 levels may provide decent support in coming trading sessions”.
JRG EQUITY RESEARCH (IndiTrade): “The NSE Nifty is expected to put forth a range bound trade in the morning session between Critical level at 4822 and the first resistance at 4858. After Tuesday’s strong rally, profit booking may hinder further positive momentum in the market above this level. On the downside, below Critical, further weakness can creep into the market which may drag the benchmark towards the first support at 4786. The Major Support for the Index may be at 4755”.
NIRMAL BANG SECURITIES: “Nifty has breached the mentioned levels of 4,800 decisively which is a bullish signal. The index is likely to test 4,880 & 4,910 levels. There is an immediate support at 4,820 levels on the downside. Traders should maintain a positive bias and adopt a buy on dips strategy”.
RAJATKBOSE.COM (Rajat Bose): “For the day, on the upside above 4850 and below 4900 Nifty levels, the most critical level would be 4891. While the 4900-mark for the Nifty is more of a psychological barrier, this level of 4891 is the technical key resistance level to watch out for. In fact, a confirmation of taking out of this level would come when the index stays above the 4900-mark. On the downside, immediately below 4850, the range between 4832 and 4812 would act as the initial support zone. Next key support would be around 4784-level for the Nifty. However, so long as the bulls are able to hold the 4768 through 4758 support area the bullish gumption would remain even after any profit taking led sell off in the market. Such a fall would, most likely, be taken as a buying opportunity by the bulls”.
FOR TECHNICALS, “READ HERE”
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